- Exro CEO Sue Ozdemir hosts a
live webcast to provide shareholders a view inside its
manufacturing facility and a review of the first half of 2022.
- Exro shared a virtual tour of its state-of-the-art sustainable
manufacturing facility in Calgary,
Alberta, demonstrating progress towards establishing a
resilient, localized supply chain in North America.
- Additional highlights from the webcast include business
updates, as well as a recap of accomplishments in the first half of
this year.
CALGARY,
AB, July 14, 2022 /CNW/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a
leading clean technology company that has developed a new class of
power electronics for electric motors and batteries, announced
today mid-year company updates in a live webcast and the
presentation file will be available on the Company website
here.
Shareholders unable to attend the webcast can find an overview
below of the information covered during the webcast, including
updates on Exro's facilities and capabilities, energy storage
system technology and other key projects.
Exro's technology is ideally positioned to evolve and engage
alongside the electrification of transportation regardless of
propulsion technology market direction. The company laid out a
systematic go-to-market strategy by building momentum with key
players in the e-mobility and energy storage markets, expanding
partnerships, building on its successful track record of innovation
and increase its penetration of the OEM market with its engineering
and consulting offerings.
Exro shared information about its award-winning Coil Driver™
technology and its native ability to function as an AC fast
charger, eliminating the need for an on-board charger or external
DC fast charger. The technology can deliver up to level four
fast-charging and vehicle-to-anything (V2X) capabilities. These
product features offer benefits to original equipment manufacturers
("OEMs"), electric vehicle fleet operators and charging operators
by simplifying electric powertrains and reducing total cost of
ownership.
Exro shared additional information about its Energy Storage
System ("ESS"), which is powered by its patented Battery Control
System™ ("BCS"). The BCS technology expands the capabilities of
batteries in their first and second life by enabling a greater
depth of control on the cells. The technology optimizes battery
packs for health and performance at the cellular level, extending
battery life and permitting stationary energy storage systems to
operate more safely, with less down time.
The Company's patent portfolio continues to grow and now
includes 40 patents that have been published or are pending. This
includes 25 issued and 15 patent applications, with wholly owned
intellectual property in 13 patent families. Exro's global patent
portfolio includes coverage in strategic countries, including the
U.S., Canada, Great Britain, France, Hong
Kong, Japan and many
others.
Exro's partnership with Traktionssysteme Austria (TSA) is
progressing well, as the two companies are collaborating on a motor
for high voltage applications. The two companies are partnering to
test and develop electric drive solutions using a TSA motor and an
Exro Coil Driver™. Recent testing continues to support
Exro's best-in-class performance and continue to exceed
expectations, achieving high torque output without limitations to
speed range. An engineering team from Exro will travel to
Austria next week for the next
phase of testing on the high voltage Coil Drive System.
Facilities Update:
During today's live webcast, Exro CEO Sue Ozdemir shared a virtual tour of the
Company's state-of-the-art sustainable manufacturing facility in
Calgary. To meet automaker's
staunch Environmental, Social and Governance ("ESG") supply chain
expectations and Exro's net-zero carbon emissions objectives, the
37,000 square foot facility will run on clean energy solutions. The
manufacturing facility will have the capability to produce up to
100,000 units annually. The facility features a solar panel array
on the roof and a Class 10,000 clean room with a surface mount
technology (SMT) production line. The manufacturing facility will
aim to be ISO 9001, ISO 45001, ISO 14001, and IATF 16949 compliant
for the start of production.
Additionally, the world class, net-zero designed facility
features technical cleanliness, track and trace, water conservation
and zero waste product capabilities. It was built in compliance
with the most stringent global quality standards, making it unique
in North America for automotive
applications.
To meet automaker demand for resilient, localized supply chains,
Exro is focused on completing its new facilities in Calgary and Mesa,
Arizona. Anticipating supply chain delays, Exro proactively
ordered dynamometers ("dyno") of various sizes for its North
American facilities. Exro has taken delivery of its mid-size dyno
in Mesa, Arizona. The dyno has
been commissioned and is now ready for use at the Company's U.S.
innovation center. A large dyno was ordered in 2021 and is expected
to arrive at Exro facilities by the end of the third quarter.
Exro remains on track to commission its SMT manufacturing line
before year-end. The equipment is on site and installed at the
Company's manufacturing facility, and engineers are currently
working through start up procedures for the equipment.
SEA Electric:
Despite recent TSA testing which would support on-time delivery
of the high voltage Coil Driver for the SEA Electric project in the
second quarter of this year, this timeline has been impacted by
supply chain challenges. While Exro and SEA Electric continue to
collaborate, delivery of the Company's Coil Driver™ is now
currently scheduled for the third quarter of 2022. This delay does
not impact the targeted first production dates in the second half
of 2023. The teams are working concurrently to prepare for
installation and integration upon delivery.
Linamar:
Exro is co-developing a next generation e-axle with Linamar for
the electric powertrain market for medium-duty commercial vehicles
by designing and supplying gearbox and intelligent inverter
solutions for high-speed low torque and low-speed high torque
applications. This continued partnership with a Tier 1 automotive
supplier maintains Exro's position in the highly competitive
automotive supply chain. Prototype testing and validation for a
compact and cost-effective e-Axle with Coil Driver™ remain on track
to be completed this quarter.
Vicinity Motor Company:
In May, Exro announced a purchase order from Canadian-based bus
manufacturer Vicinity Motor Company. The multiyear sales and
service agreement (the "agreement"), includes the purchase of
high-voltage Coil Drive System units from Exro, along with a
production slot, system pricing and commissioning services.
Exro Vehicle Systems will provide system engineering consulting
services to integrate the electric powertrain for Vicinity's fleet
of next-generation electric buses. News of this deal followed a
previously announced supply agreement under which the companies
have completed nearly 12 months of development and testing to
conduct operational validation for the Vicinity Lightning™ electric
bus.
evTS:
Also in May, Exro announced that it had signed an agreement with
ev Transportation Services, Inc. ("evTS"), a Boston-based specialty electric vehicle
manufacturer, to supply an initial quantity of 1,000 units of its
100V Coil Drive System beginning in 2023 for use in evTS model year
2023 FireFly vehicles.
This order followed months of collaboration under a
non-disclosure agreement ("NDA") between the Exro and evTS
engineering teams and demonstrated the improvement and optimization
of FireFly powertrain performance enabled by Exro's award-winning
Coil Driver™ technology. This agreement is the culmination of the
cooperative efforts of the two companies to design and deploy
high-performing purpose-built, commercial electric
vehicles.
"It was great to have the opportunity to engage directly with
our incredible shareholders and followers today, provide updates on
our progress and give them an opportunity to see our
state-of-the-art manufacturing facility in Calgary," said Sue
Ozdemir, CEO of Exro. "We have accomplished a great deal
over the first half of this year and are gaining momentum every day
on our path to take our product to market, build our backlog,
expand our talent pool and increase our resilience amid continued
supply chain challenges. At Exro, we are committed to bringing our
next generation platform of innovative control technology to
market, and while we strive to assign and deliver on timelines,
there is not always a direct path with new technology. Our
commitment to delivering for our partners and customers remains
unwavering."
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent
control solutions in power electronics to help solve the most
challenging problems in electrification. Exro has developed a new
class of control technology that expands the capabilities of
electric motors, generators, and batteries. Exro enables the
application to achieve more with less energy consumed.
Exro's advanced motor control technology, the Coil DriverTM,
expands the capabilities of electric powertrains by enabling
intelligent optimization for efficient energy consumption. Exro is
working with many partners from all over the world to bring their
technology to the electric mobility industries and beyond.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at
www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects", "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward looking statements
involve risks, uncertainties and other factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's filings with
Canadian securities regulators, that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although the Company believes that the assumptions and factors used
in preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2021, and financial
statements and related MD&A for the financial year ended
December 31, 2021, filed with the
securities regulatory authorities in certain provinces of
Canada and available at sedar.com.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.